OREANDA-NEWS. On 04 February 2009 was announced, that in line with preliminary data of the NBU, the payment balance current account deficit of Ukraine in 2008 grew to 6.7 of the GDP (USD 11.9 bn) as against 3.7% of the GDP (USD 5.3 bn) in 2007.

The NBU explains this situation primarily by increasing deficit of the trade balance to USD 16 bn.

According to the NBU, the impact of the global financial crisis in September 2008 stipulated deceleration of long-term capital inflow to Ukraine as well as significant outflow of financial short-term resources amid export proceeds decline. Unlike first three quarters of 2008, the fourth quarter demonstrated a double deficit (both of the current and a financial accounts) of USD 9.3 bn, which was financed by internal reserves and the IMF funds.

The subsequent devaluation and contraction of domestic demand slowed down widening of the current account deficit trend.

According to the NBU estimates, the net FDI inflow to Ukraine in 2008 amounted to USD 9.9 bn, being by 7.5% more than in 2007 (USD 9.2 bn), while about 42% of the total FDI fell at its banking sector.